NAIC-DOI

50 US state insurance regulators.

Definition

In the US, insurance is regulated at state level, not federal (except ACA for health). Each State DOI grants/revokes carrier and broker licences, approves forms and rates, conducts market conduct exams. NAIC coordinates via Model Laws/Regulations and national programmes (IRIS, Financial Analysis Solvency Tools). Commissioner = elected or appointed.

Origin

NAIC founded 1871 in New York ; Model Laws/Regs since 1873.

Example in context

Florida DOI in 2024 conducts a market conduct exam on 5 homeowners carriers after Hurricane Ian, rules on 200 wrongly denied claims.

Related terms

• NAIC IPM — product filing.